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U.S. to cut off Iran-Venezuela trade by sanctioning oil tankers

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(Bloomberg) - The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter. The sanctions...
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Glut no more: Fresh OPEC+ cuts point to crude and condensate supply deficits through 2021

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The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July will not only balance the Covid-19-hit global crude and condensate demand, but are deep enough to create a monthly deficit starting from June...
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ExxonMobil collaborates with Guyanese partners to improve access to education

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ExxonMobil Guyana is supporting several programs that will help students keep up with their studies while schools across Guyana remain closed during the COVID-19 pandemic. The company said Tuesday it has contributed GY$15 M to support continuing education programmes offered through...
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Recount shows Guyana opposition secured majority of votes in elections

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A 33-day long recount of the ballots in Guyana’s March 2 General and Regional Elections shows that the opposition People’s Progressive Party Civic (PPP/C) secured a majority of the votes and pending a declaration by the electoral body, should...
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Oil price war was a ‘very big mistake,’ – Qatar Energy Minister

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(CNBC) Qatar’s Minister of State for Energy Affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price...
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BP to slash one seventh of workforce in a major cost-cutting move

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(S&P Global) BP announced one of the most aggressive wave of job cuts in its history June 8, with plans to slash a seventh of its global workforce, as the oil major looks stem losses from the pandemic-triggered oil...
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Energy companies keeping wallets closed for Republican campaigns

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(Bloomberg) --The oil and gas industry, long one of the most reliable sources of campaign cash for Republican candidates at all levels, is turning a cold shoulder to President Donald Trump. Reeling from the worst oil-price crash on record and...
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Guyana Takatu Basin may have yet-to-be-found oil resources

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Explorers have had interest in Guyana’s Takatu Basin, located in the southern part of the country approximately 480 km (300 miles) from the coast, for several decades. The basin extends westward into Brazil and separates Guyana’s Northern and Southern...
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Brent climbs above $40 after OPEC+ extends production cuts

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Crude oil prices climbed more than 2% early on Monday as the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed on Saturday to extend their current oil production cuts until July month-end. Brent crude rose as...
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Days of cheap gas are over in country with largest oil reserves in the world

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Venezuela President Nicolas Maduro has said fuel prices will increase in the cash-strapped South American country from June, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the...
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Guyana must transform its oil boom into sustainable, broad-based prosperity – Minister Ally 

Guyana’s Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, has called on business leaders to convert the...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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